By: Murphy, E. (2013)
In October 2011, the European Commission adopted draft legislative proposals for EU cohesion policy for 2014-2020. The new proposals are designed to ensure that EU investment is targeted on the Commission’s long term goals for growth and jobs and aim to harmonise the rules related to different European Funds. EU Cohesion Policy invests in areas such as energy efficiency; training; research and innovation; transport; support for Small and Medium Sized Enterprises (SMEs); renewable energy; and co-operation between European regions.
In an effort to reinforce territorial cohesion the Commission believes that European cities have the potential to make a much larger contribution to policies for growth, social cohesion and environmental sustainability. To this end it is proposing that a minimum of 5% of the European Regional Development Fund resources for each Member State for 2014-2020 should be invested in integrated actions for sustainable urban development with the management and implementation delegated to cities. The Commission are proposing to introduce a new tool, known as Integrated Territorial Investments (ITIs), to focus on integrated actions in urban development through the means of simplified financing.